The Stock-Bond Comovements and Cross-Market Trading

We propose an asset pricing model with heterogeneous agents allocating capital to the stock and bond markets to optimize their portfolios, utilizing the dynamic interaction between the two markets. While some agents focus on the stock market and have more expertise in it, the others specialize in the bond market. Based on their comparative advantages in a particular market, heterogeneous agents constantly revise their investment portfolios by taking into account the time-varying stock-bond return comovements and the changing market conditions. Agents’ collective investment behavior shapes the stock-bond interlinkage, which feedbacks on their subsequent capital allocations. Using monthly US stock and bond data from January 1990 to June 2014, we estimate the vector autoregression model with threshold and Markov switching mechanisms. We find evidence in support of flight-to-quality and show that it is mainly driven by the technical traders who actively sell stocks and buy bonds during periods of high market uncertainty

The Stock-Bond Comovements and Cross-Market Trading

We propose an asset pricing model with heterogeneous agents allocating capital to the stock and bond markets to optimize their portfolios, utilizing the dynamic interaction between the two markets. While some agents focus on the stock market and have more expertise in it, the others specialize in the bond market. Based on their comparative advantages in a particular market, heterogeneous agents constantly revise their investment portfolios by taking into account the time-varying stock-bond return comovements and the changing market conditions. Agents’ collective investment behavior shapes the stock-bond interlinkage, which feedbacks on their subsequent capital allocations. Using monthly US stock and bond data from January 1990 to June 2014, we estimate the vector autoregression model with threshold and Markov switching mechanisms. We find evidence in support of flight-to-quality and show that it is mainly driven by the technical traders who actively sell stocks and buy bonds during periods of high market uncertainty

Mechanism of Regulation of Big-Conductance Ca2+-Activated K+ Channels by mTOR Complex 2 in Podocytes

Podocytes, dynamic polarized cells wrapped around glomerular capillaries, are an essential component of the glomerular filtration barrier. BK channels consist of one of the slit diaphragm (SD) proteins in podocytes, interact with the actin cytoskeleton, and play vital roles in glomerular filtration. Mechanistic target of rapamycin (mTOR) complexes regulate expression of SD proteins, as well as cytoskeleton structure, in podocytes. However, whether mTOR complexes regulate podocyte BK channels is still unclear. Here, we investigated the mechanism of mTOR complex regulation of BK channels via real-time PCR, western blot, immunofluorescence, and patch clamping. Inhibiting mTORC1 with rapamycin or downregulating Raptor had no significant effect on BK channel mRNA and protein levels and bioactivity. However, the dual inhibitor of mTORC1 and mTORC2 AZD8055 and short hairpin RNA targeting Rictor downregulated BK channel mRNA and protein levels and bioactivity. In addition, MK2206, GF109203X, and GSK650394, which are inhibitors of Akt, PKCα, and SGK1, respectively, were employed to test the downstream signaling pathway of mTORC2. MK2206 and GF109203X had no effect on BK channel protein levels. MK2206 caused an obvious decrease in the current density of the BK channels. Moreover, GSK650394 downregulated the BK channel protein and mRNA levels. These results indicate mTORC2 not only regulates the distribution of BK channels through Akt, but also modulates BK channel protein expression via SGK1 in podocytes

Efficient Multiplicative-to-Additive Function from Joye-Libert Cryptosystem and Its Application to Threshold ECDSA

Threshold ECDSA receives interest lately due to its widespread adoption in blockchain applications. A common building block of all leading constructions involves a secure conversion of multiplicative shares into additive ones, which is called the multiplicative-to-additive (MtA) function. MtA dominates the overall complexity of all existing threshold ECDSA constructions. Specifically, $O(n^2)$ invocations of MtA are required in the case of $n$ active signers. Hence, improvement of MtA leads directly to significant improvements for all state-of-the-art threshold ECDSA schemes. In this paper, we design a novel MtA by revisiting the Joye-Libert (JL) cryptosystem. Specifically, we revisit JL encryption and propose a JL-based commitment, then give efficient zero-knowledge proofs for JL cryptosystem which are the first to have standard soundness. Our new MtA offers the best time-space complexity trade-off among all existing MtA constructions. It outperforms state-of-the-art constructions from Paillier by a factor of $1.85$ to $2$ in bandwidth and $1.2$ to $1.7$ in computation. It is $7\times$ faster than those based on Castagnos-Laguillaumie encryption only at the cost of $2\times$ more bandwidth. While our MtA is slower than OT-based constructions, it saves $18.7\times$ in bandwidth requirement. In addition, we also design a batch version of MtA to further reduce the amotised time and space cost by another $25$%

Regulatory controls of duplicated gene expression during fiber development in allotetraploid cotton.

Polyploidy complicates transcriptional regulation and increases phenotypic diversity in organisms. The dynamics of genetic regulation of gene expression between coresident subgenomes in polyploids remains to be understood. Here we document the genetic regulation of fiber development in allotetraploid cotton Gossypium hirsutum by sequencing 376 genomes and 2,215 time-series transcriptomes. We characterize 1,258 genes comprising 36 genetic modules that control staged fiber development and uncover genetic components governing their partitioned expression relative to subgenomic duplicated genes (homoeologs). Only about 30% of fiber quality-related homoeologs show phenotypically favorable allele aggregation in cultivars, highlighting the potential for subgenome additivity in fiber improvement. We envision a genome-enabled breeding strategy, with particular attention to 48 favorable alleles related to fiber phenotypes that have been subjected to purifying selection during domestication. Our work delineates the dynamics of gene regulation during fiber development and highlights the potential of subgenomic coordination underpinning phenotypes in polyploid plants. [Abstract copyright: © 2023. The Author(s).

Experimental Study on Moisture Migration of Unsaturated Loess during the Freezing Process

To reveal the water-heat transfer mechanism of unsaturated loess, the effects of soil dry density (1.30 g/cm3, 1.50 g/cm3, and 1.65 g/cm3), moisture content (13.3%, 16.2%, and 19.4%), cold end temperature (−7°C, −10°C, and −13°C), and freezing mode on moisture migration in unsaturated loess in this paper are studied through indoor tests of moisture migration under the freezing action of large-size unsaturated loess. The results show that the temperature change in soil samples in the freezing process can be divided into three stages: rapid cooling stage, slow cooling stage, and stable stage. The higher the dry density, the closer the freezing front is to the cold end, with the initial moisture content having little effect on the freezing front, while the temperature at the cold end has a significant effect on the location of the freezing front. The total amount of moisture migration decreases with the increase of dry density, increases with the increase of moisture content, and increases with the decrease of cold end temperature. The freezing mode directly affects the distribution of moisture content and total amount of moisture migration in the frozen area

Modelling and RBF Control of Low-Limb Swinging Dynamics of a Human–Exoskeleton System

With the increase in the elderly population in China and the growing number of individuals who are unable to walk normally, research on lower limb exoskeletons is becoming increasingly important. This study proposes a complete dynamic model parameter identification scheme for the human–machine coupling model of lower limb exoskeletons. Firstly, based on the coupling model, the excitation trajectory is optimized, data collection experiments are conducted, and the dynamic parameter vector of the system is identified using the least squares method. Secondly, this lays the foundation for designing adaptive control based on RBF neural network approximation. Thirdly, the Lyapunov function is used to prove that the RBF neural network adaptive controller can achieve stable tracking of the lower limb exoskeleton. Finally, simulation analysis reveals that increasing the gains of the RBF controllers effectively reduces tracking errors. Furthermore, the tracking errors and control torques show that adaptive control based on the RBF neural network approximation works well

Visual assessment of historic landmarks based on GIS and survey: a study of view and viewing of Tiger Hill in Suzhou, China

The protection and balance of visibility and the visual interface of urban historic landmarks has been widely regarded in urban development and expansion. Taking Tiger Hill in Suzhou, China as an example, this study evaluates its visual characteristic from two perspectives: view and viewing. From the “view” perspective, changes in visibility as a viewing object are compared by cumulative viewshed analysis in ArcGIS. Additionally, a visual preference questionnaire is applied to determine the threshold (1.2 km) at which Tiger Hill becomes an object of attention. Based on the urban green space system planning map of Suzhou, the study selects green spaces that offer suitable viewing conditions. From the “viewing” perspective, Tiger Hill is considered a viewpoint for climbing and viewing, and a 3D city model is used to compare the changes in the visual interface of the mountains in the south and west of Suzhou from the top of Tiger Hill. Lastly, based on the “Two-thirds Rule”, the study calculates the maximum allowable building height within the field of vision and compares it with the existing building heights. The research provides a reference for the evaluation and improvement of the visual quality of urban historic landmarks